PRO KAPITAL GRUPP

BALANCE SHEET



BALANCE SHEET OF KALARANNA AS, AS AT 31.12.99 AND 31.12.00



BALANCE SHEET OF KALARANNA AS



Audited,

in EEK

                                              31.12.00   31.12.99

ASSETS



Current assets



Cash and bank                                   48,494        251



Accrued income

Interest receivable                                  9          0



Prepaid expenses

Prepaid/refundable tax receivables             142,423     73,034



Total current assets                           190,926     73,285



Non-current assets



Long-term financial assets



Other long-term receivables

Other long-term receivables                 19,640,000          0



Tangible assets



Land and buildings                           3,307,356  3,738,015

Accumulated depreciation                             0   -254,746

Fixed assets under construction                718,504    176,216



Total tangible assets                        4,025,860  3,659,485



Total non-current assets                   236,658,603    659,485



TOTAL ASSETS                               238,567,863    732,770



LIABILITIES AND OWNER' S EQUITY



Current liabilities



Debt obligations

Debentures                                   1,102,914    294,903



Supplier payables

Accounts payable to suppliers                   42,994     41,721



Accrued expenses

Other accrued expenses                               0        700



Total current liabilities                    1,145,908    337,324



Noncurrent liabilities



Non-convertible debt

Non-current debentures                      19,640,000          0



Other long-term debt

Non-current liabilities to suppliers         2,109,740  2,654,129

Payables to parent company                   4,544,244  3,290,244



Total other long-term debt                   6,653,984  5,944,373



Total non-current liabilities               26,293,984  5,944,373



Total liabilities                           27,439,892  6,281,697



Owners equity

Share capital                                1,362,000  1,362,000

Legal reserve                                    5,023      5,023

Retained earnings                           -3,915,950 -2,659,780

Net loss for the financial year             -1,034,179 -1,256,170



Total owners equity                         -3,583,106 -2,548,927



TOTAL LIABILITIES AND OWNER' S EQUITY       23,856,786  3,732,770





Ilona Saari

PK Grupp, Board member

+372 614 4924